Chapters 1 and 2
The _________ represents an obligation of the company whereas the _________ represents a resource of the company.
What is Liability and Asset.
This statement tallies the bank balance with the company's cash balance.
Interpret the following terms:
5/10, n/45
What is 5% discount, if paid within 10 days, or net/full amount in 45 days.
This term describes a corporation’s own stock that has been issued and later repurchased.
What is Treasury Stock.
Situated in the heart of Kalamazoo, this academic home for business majors offers everything from marketing to supply chain — and some of the busiest hallways on campus.
What is the Haworth College of Business?
If you want to increase an asset you record it on the _______, meaning you _______ it.
What is Left and Debit.
In Chapter 4, where would NSF checks from customers be included?
What is Subtracted from the company’s cash balance.
The difference between Sales Revenue and Cost of Goods Sold is.
What is Gross Profit.
This is the formula to calculate Current Ratio.
What is Current Assets divided by Current Liabilities.
From jerseys to graduation stoles, these two colors represent WMU across campus and in the community.
What is brown and gold?
What does D E A L O R stand for?
What is Dividends, Expenses, Assets, Liabilities, Owners' (or Stockholders') Equity, and Revenues
A company provided services to its customer on account.
What entry would the company need to record for this transaction?
What is Accounts Receivable debit, Service Revenue credit.
These are the 3 inventory costing assumptions you need to know.
What is First In First Out, Last In First Out, Weighted Average.
When a company issues shares over the par value, the additional money received goes to this account.
What is Additional Paid-in Capital.
What's the official name of the WMU fight song?
What is Fight on, fight on for Western?
These are the two important equations every accountant must remember.
What is
1. Revenues - Expenses = Net Income
2. Assets = Liabilities + Stockholders' Equity.
A company received $16,000 from a customer in advance for services to be performed next year.
What adjusting entry would the company need to record at the end of the year?
Ignore the amounts, I just want the journal entry.
What is Deferred Revenue debit, Sales Revenue credit.
These are the 3 depreciation methods you need to know.
What is Straight Line method, Double Declining Balance method, and Activity-based method.
What is Declaration date, date of Record, and Payment date.
This WMU mascot, known for hyping up crowds at games and events, has a name inspired by the school’s Bronco identity.
Who/What is Buster Bronco?
These are the 4 financial statements that a company prepares.
What is Income Statement, Statement of Stockholders' Equity, Balance Sheet, and Statement of Cash Flows.
A company paid $15,000 cash in advance to cover property insurance for the next year.
What adjusting entry would the company need to record at the end of the year?
Ignore the amounts, I just want the journal entry.
What is Insurance Expense debit, Prepaid Insurance credit.
This account is used to reduce accounts receivable to the amount expected to be collected, and it represents the estimate of what won’t be collected.
What is the Allowance for Uncollectible Accounts.
The journal entry to accrue interest on a Notes Payable at the end of the year is:
President Russ Kavalhuna was appointed by the WMU Board of Trustees on April 23, 2025, to serve as Western Michigan University's ________ leader.
What is the 10th leader?